Table 5 Logit model DEG EIGEN BET CLOS...

Table 5

Logit model

	DEG	EIGEN	BET	CLOS	PCA	N-SCORE
CENTRALITY	0.371**	0.429**	0.190*	−0.0545	0.216**	0.424**
CENTRALITY	(0.163)	(0.182)	(0.114)	(0.0656)	(0.0933)	(0.193)
SIZE	−0.435***	−0.405***	−0.355**	−0.357***	−0.410***	−0.380***
SIZE	(0.140)	(0.137)	(0.139)	(0.137)	(0.140)	(0.139)
LEV	1.382*	1.229	1.404*	1.384*	1.312	1.179
LEV	(0.833)	(0.824)	(0.833)	(0.828)	(0.834)	(0.833)
ROA	−2.591	−2.404	−2.810	−2.601	−2.875	−2.607
ROA	(2.348)	(2.309)	(2.327)	(2.318)	(2.339)	(2.330)
EXP	0.201	0.0929	0.198	0.233	0.141	0.116
EXP	(0.569)	(0.574)	(0.549)	(0.561)	(0.568)	(0.565)
RECEI	−2.941**	−2.820**	−2.742**	−2.795**	−2.802**	−2.822**
RECEI	(1.228)	(1.259)	(1.268)	(1.255)	(1.261)	(1.272)
LOSS	−0.341	−0.334	−0.363	−0.359	−0.352	−0.326
LOSS	(0.321)	(0.327)	(0.318)	(0.318)	(0.322)	(0.321)
LOSS_t−1	−0.142	−0.142	−0.142	−0.129	−0.174	−0.175
LOSS_t−1	(0.296)	(0.293)	(0.287)	(0.290)	(0.296)	(0.295)
CLEAN_t−1	3.055***	3.002***	3.061***	3.061***	3.053***	3.034***
CLEAN_t−1	(0.221)	(0.221)	(0.224)	(0.225)	(0.223)	(0.223)
AC_SIZE	0.0417	0.0425	0.0899	0.0622	0.0681	0.0769
AC_SIZE	(0.0615)	(0.0616)	(0.0621)	(0.0611)	(0.0614)	(0.0615)
AC_MEET	−0.00332	−0.000498	0.00622	0.00316	0.00336	0.00283
AC_MEET	(0.0536)	(0.0527)	(0.0508)	(0.0517)	(0.0520)	(0.0517)
B_MEET	−0.00543	−0.00778	−0.0144	−0.0148	−0.00893	−0.0109
B_MEET	(0.0350)	(0.0353)	(0.0340)	(0.0345)	(0.0341)	(0.0344)
B_INDEP	1.988***	1.729***	1.758***	1.737***	1.835***	1.858***
B_INDEP	(0.516)	(0.489)	(0.477)	(0.484)	(0.489)	(0.484)
BIG4	1.478***	1.466***	1.482***	1.484***	1.485***	1.437***
BIG4	(0.381)	(0.366)	(0.376)	(0.372)	(0.378)	(0.372)
AF_t−1	−0.0928	−0.0807	−0.0845	−0.0772	−0.0905	−0.0743
AF_t−1	(0.131)	(0.125)	(0.126)	(0.124)	(0.129)	(0.127)
RLAW	0.315	0.263	0.361	0.342	0.312	0.311
RLAW	(0.234)	(0.236)	(0.228)	(0.230)	(0.230)	(0.229)
REST_LINKS	−0.0104	−0.0183	−0.00167	−0.00748	−0.00519	−0.00673
REST_LINKS	(0.0747)	(0.0734)	(0.0751)	(0.0737)	(0.0745)	(0.0748)
LINKS_TOTAL	−0.104	−0.0587	−0.0952	−0.0386	−0.119	−0.0994
LINKS_TOTAL	(0.0742)	(0.0641)	(0.0772)	(0.0681)	(0.0766)	(0.0706)
Intercept	2.599	2.391	1.164	1.274	2.329	1.850
Intercept	(1.848)	(1.819)	(1.803)	(1.770)	(1.818)	(1.786)
Observations	1,757	1,757	1,757	1,757	1,757	1,757
Correctly classified (%)	88.33	88.56	88.22	88.10	88.33	88.39
Pseudo R²	0.4747	0.4760	0.4724	0.4712	0.4742	0.4747

	DEG	EIGEN	BET	CLOS	PCA	N-SCORE
CENTRALITY	0.371**	0.429**	0.190*	−0.0545	0.216**	0.424**
CENTRALITY	(0.163)	(0.182)	(0.114)	(0.0656)	(0.0933)	(0.193)
SIZE	−0.435***	−0.405***	−0.355**	−0.357***	−0.410***	−0.380***
SIZE	(0.140)	(0.137)	(0.139)	(0.137)	(0.140)	(0.139)
LEV	1.382*	1.229	1.404*	1.384*	1.312	1.179
LEV	(0.833)	(0.824)	(0.833)	(0.828)	(0.834)	(0.833)
ROA	−2.591	−2.404	−2.810	−2.601	−2.875	−2.607
ROA	(2.348)	(2.309)	(2.327)	(2.318)	(2.339)	(2.330)
EXP	0.201	0.0929	0.198	0.233	0.141	0.116
EXP	(0.569)	(0.574)	(0.549)	(0.561)	(0.568)	(0.565)
RECEI	−2.941**	−2.820**	−2.742**	−2.795**	−2.802**	−2.822**
RECEI	(1.228)	(1.259)	(1.268)	(1.255)	(1.261)	(1.272)
LOSS	−0.341	−0.334	−0.363	−0.359	−0.352	−0.326
LOSS	(0.321)	(0.327)	(0.318)	(0.318)	(0.322)	(0.321)
LOSS_t−1	−0.142	−0.142	−0.142	−0.129	−0.174	−0.175
LOSS_t−1	(0.296)	(0.293)	(0.287)	(0.290)	(0.296)	(0.295)
CLEAN_t−1	3.055***	3.002***	3.061***	3.061***	3.053***	3.034***
CLEAN_t−1	(0.221)	(0.221)	(0.224)	(0.225)	(0.223)	(0.223)
AC_SIZE	0.0417	0.0425	0.0899	0.0622	0.0681	0.0769
AC_SIZE	(0.0615)	(0.0616)	(0.0621)	(0.0611)	(0.0614)	(0.0615)
AC_MEET	−0.00332	−0.000498	0.00622	0.00316	0.00336	0.00283
AC_MEET	(0.0536)	(0.0527)	(0.0508)	(0.0517)	(0.0520)	(0.0517)
B_MEET	−0.00543	−0.00778	−0.0144	−0.0148	−0.00893	−0.0109
B_MEET	(0.0350)	(0.0353)	(0.0340)	(0.0345)	(0.0341)	(0.0344)
B_INDEP	1.988***	1.729***	1.758***	1.737***	1.835***	1.858***
B_INDEP	(0.516)	(0.489)	(0.477)	(0.484)	(0.489)	(0.484)
BIG4	1.478***	1.466***	1.482***	1.484***	1.485***	1.437***
BIG4	(0.381)	(0.366)	(0.376)	(0.372)	(0.378)	(0.372)
AF_t−1	−0.0928	−0.0807	−0.0845	−0.0772	−0.0905	−0.0743
AF_t−1	(0.131)	(0.125)	(0.126)	(0.124)	(0.129)	(0.127)
RLAW	0.315	0.263	0.361	0.342	0.312	0.311
RLAW	(0.234)	(0.236)	(0.228)	(0.230)	(0.230)	(0.229)
REST_LINKS	−0.0104	−0.0183	−0.00167	−0.00748	−0.00519	−0.00673
REST_LINKS	(0.0747)	(0.0734)	(0.0751)	(0.0737)	(0.0745)	(0.0748)
LINKS_TOTAL	−0.104	−0.0587	−0.0952	−0.0386	−0.119	−0.0994
LINKS_TOTAL	(0.0742)	(0.0641)	(0.0772)	(0.0681)	(0.0766)	(0.0706)
Intercept	2.599	2.391	1.164	1.274	2.329	1.850
Intercept	(1.848)	(1.819)	(1.803)	(1.770)	(1.818)	(1.786)
Observations	1,757	1,757	1,757	1,757	1,757	1,757
Correctly classified (%)	88.33	88.56	88.22	88.10	88.33	88.39
Pseudo R²	0.4747	0.4760	0.4724	0.4712	0.4742	0.4747

Note(s): Estimated coefficients (std. errors) using the logit regression of equation (1). The dependent variable is CLEAN in all the regressions. The first row indicates the centrality measure used. All the estimations include year and industry-fixed effects and clustering by firm. See Appendix I for the definition of the variables. ***, **, * for 1%, 5% and 10% significance level

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